Miller says MySpace will focus on music and gaming to turn itself around

In the early years of social networking, MySpace ruled with the vast majority of users flocking to the site. As time went by and more competition from Facebook and Twitter was raised, MySpace started to flounder in the waves of competition.

Today things are much different in the social networking space. Facebook is now the clear leader in the social networking realm and is the largest social network in America. Many have wondered what happened to MySpace that caused its fortunes to turn at a time when it was at the top.

Jonathan Miller, the overseer of News Corp.'s internet arm put it succinctly saying, "The thing you see in this space more than anything else is that if you don't keep innovating and moving forward, you get in trouble. You can't stop. And MySpace stopped."

MySpace has plans to regain its former glory, but won’t do so by fixing the plan that got the social network where it is today. Miller said, "Fix implies something was broken and you just put it back together the way it was and [consider] it's fixed. That's the wrong way to think about it. You have to think ahead."

Rather than try to tweak an old business plan to work today, MySpace plans to focus on its historic strengths of music and gaming. The social network recently purchased online music firm iLike. MySpace also announced a new music video service and dashboards for artists and record labels to get data on how well their music is doing on the social network. MySpace also put tight integration with iLike and iTunes into the new music offerings.

Miller said, "Everybody in the company is upset that we didn't keep going when we had the real momentum. Regaining momentum is always much harder than keeping momentum going."

Miller also said that the MySpace system is "too closed" to external developers and those developers are particularly needed in the gaming side of the business. Miller also hinted that MySpace would be unveiling some sort of paid premium service in the future along the lines of what The Wall Street Journal has offered.

"So, I think the same thing of the music industry. They can't say that they're losing money, you know what I'm saying. They just probably don't have the same surplus that they had." -- Wu-Tang Clan founder RZA
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